Which of the Following Is True in the Event an Instrument

Multiple Choice

Which of the following is true in the event an instrument contains more than one endorsement?

A) Each endorser is liable for the full amount to the subsequent endorser or to the holder.
B) Only the last endorser is liable to the holder and no prior endorsers are liable to a subsequent endorser.
C) Each endorser is liable for the full amount to the subsequent endorser, but only the last endorser is liable to any holder.
D) The last endorser is liable to the holder, whereas subsequent endorsers are not liable to the holder, but are responsible for reimbursing the last endorser in proportion to the number of endorsers that exist.
E) Each endorser is liable to the holder in proportion to the number of endorsers that exist.